Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
Income Tax Records. The Internal Revenue Service requires companies to keep business tax returns and supporting documents for a minimum of three years from the time of filing. During this time, the return can be amended or audited. If you failed to report income, however, the IRS can come after your business for up to six years. If the business took a deduction for a worthless security or bad debt, the IRS can pursue the issue for seven years. To be safe, a business should keep tax records in its permanent files. If that's not possible, tax records should be kept for seven years to account for most scenarios where the records might be needed. Payroll Tax Records The IRS recommends businesses keep all employment tax returns, substantiating documents and proof of withholding tax payments for at least four years after the return was filed or the taxes were paid, whichever is later.